Malaysian PM reaffirms commitment to CPTPP

Malaysia will go ahead with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Malaysian Prime Minister Mahathir Mohamad.

PM Mahathir reaffirmed Malaysia’s commitment to the CPTPP involving 11 nations in a recent interview with a Thai television.

He said after the US pullout from the CPTPP, the condition which allows companies to sue governments is no longer something Malaysia needs to fear. Also, there is less overwhelming dominance of the US over the other countries.

"The previous government had already signed to become a member. We can't withdraw without losing credibility, so we will have to go ahead with the CPTPP," he said.

In an immediate response, an official said PM Mahathir's reply was a long-awaited reaffirmation of Malaysia's commitment to the CPTPP and it will clarify Malaysia's trade policy under the Pakatan Harapan government.

Malaysia together with 10 other countries, namely Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam, signed the free trade agreement in March 2018.

The next step before the pact comes into force is when six of the 11 countries ratify the agreement. So far, Singapore, Mexico and Japan have ratified the pact. Australia and Chile have indicated that they will follow suit by year-end.

The ratification question seems to be uppermost on the minds of Malaysian officials in recent weeks after several rounds of briefing to the Prime Minister and his Cabinet.

It is understood that several Cabinet ministers are for the pact while others have their reservations.-VNA